24M Technologies, Inc., a Cambridge, Massachusetts-based battery startup, has closed its deal with Volkswagen Group. The German carmaker acquired a 25% stake in 24M and will establish a wholly-owned subsidiary that will, in cooperation with 24M, develop a SemiSolid battery cell production technology for automotive applications.
Through the strategic partnership, VWAG will manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid platform for use in VW Group electric vehicles.
VW Group invested an undisclosed three-digit million of US dollars in 24M’s Series F funding round and will make additional investments promoting automotive developments based on the 24M core technology. Additionally, Dr. Steffen Blase, Head of Group Mergers & Acquisitions at Volkswagen AG, will join 24M’s Board of Directors.
“The SemiSolid manufacturing platform offers the potential to substantially reduce capital and operating costs,” commented Dr. Blase. “Through our newly established subsidiary and our strategic partnership with 24M, we are focused on bringing the SemiSolid platform to automotive applications and believe we can develop cost-effective processes to meet the increasing demand for EVs.”
“Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, Lucas TVS, FREYR, Koch Strategic Platforms and now VW Group, 24M has built an ecosystem to rapidly scale the SemiSolid manufacturing platform and develop a better, cleaner energy future,” says 24M President and CEO, Naoki Ota. “Our collaborative partnership with VW Group will help significantly expand the global reach of SemiSolid batteries and help fast track electric vehicle adoption.”